Common use of Effect of Arbitration Clause in Contracts

Effect of Arbitration. Notwithstanding the provisions of Section 12.1 hereof, if the Event of Default or the asserted default giving rise to same is subject to arbitration pursuant hereto, and the existence of such Event of Default or asserted default is being contested by the party assertedly in default, then, if and so long as such party is cooperating and acting in good faith to complete the arbitration proceeding with respect thereto as expeditiously as possible, the time for curing such asserted default shall commence upon the rendering of the arbitration decision with respect thereto, or other resolution thereof, whichever occurs first.